What is The Cost of LinkedIn Advertising? You’ve moved past the basics of LinkedIn marketing, and you’re looking to implement your business promotion further with LinkedIn Advertising. The company page is created, you’ve contributed content to LinkedIn Groups, and have started networking with people. Now you will be looking to create the LinkedIn Ad. But what is the cost of LinkedIn Advertising and what do you need to know?
The Basics of LinkedIn Advertising
LinkedIn Ads are created by heading to LinkedIn’s campaign manager. Here, you can create paid advertisements or sponsored content shared on the website. And then from this point, you’ll be able to choose from different objectives for creating your LinkedIn Ad. These vary from:
- Awareness (Brand Awareness)
- Consideration (Website Visits, Engagement, Video Views)
- Conversion (Lead Generation, Website Conversions, Job Applicants, Talent leads, Pipeline Builder)
We will go into these different types of objectives in more detail, but as you can see, they’re varied! Familiarise yourself with the basics of LinkedIn Ads and the different types of advertisements before parting with your money. Luckily, LinkedIn’s campaign manager will easily guide you through each step.
Once you’ve established a goal, you’ll then be able to choose your target audience, ad format, ad placement and budget & schedule.
The Budget & Schedule of a LinkedIn Advert
Here, you’ll be able to select your budget and work out how much it costs to advertise on LinkedIn. You can either set a daily budget or a lifetime budget – or both!
When you set up your first ad, the suggested amount for a daily budget is £20.00. The lifetime amount is £200.00. This will vary of course, as some businesses prefer to begin with a lower budget at first, but for the sake of this article, we will refer to LinkedIn’s automatic amount.
LinkedIn will then share a helpful Forecasted Results box. A daily budget of £20.00 for 29 days/a month should result in the target audience size of 30,000,000+, with 45,000-100,00 total impressions and 100-590 total clicks. This will be at a total spend of £580.00.
Creating LinkedIn Ads: Bidding
For those that have more experience with placing a LinkedIn Ad, you can also choose to set one via ‘Bidding Options’. This is where pay-for-clicks come in, as you set the maximum amount you’d like to pay for each click or every 1,000 impressions.
There are three:
- CPC: Pay-per-click
- CPM: Pay-per-1,000 impressions
- CPS: Pay-per-send
Campaign Manager will also show you a suggested bid range when creating an ad this way.
It’s important to remember that you’ll be competing with other advertisers for clicks and impressions, so the results are not guaranteed. It all depends on different Bidding Strategies.
The Cost of Advertising on LinkedIn?
The cost of a LinkedIn Ad varies based on your campaign objective, target audiences and bid. The most obvious answer is it relates to how much you are comfortable with spending.
We do know, however, that the minimum cost to advertise on LinkedIn is $10 – that’s £7.25.
The costs of advertising your Company varies on different Types Of Ads, Advertisers and Audiences, and of course what you are comfortable spending. It will also vary on the size of your Company.
If you’re a novice at using LinkedIn Ads, we would suggest that you start small. Then, see what the predicted results are via the LinkedIn Forecasted Results box. If the numbers are too low, you can adjust your budget as you see fit.
You’ll want to spend time playing around on LinkedIn, viewing other company’s ads or sponsored content and getting to know the differences between advertisements. One business may use the platform to share an image-based advertisement, whereas other people prefer the text-based content. There are various bidding strategies to keep in mind for an advertising campaign and so advertising costs can vary.
Discuss your minimum and maximum budget for the size of your business and also look at other people and advertisers on the platform, and go from there. Study each different ad option, and the forecasted results for sponsored content, and you’ll soon have a more depth idea in mind.
Your advertisement should then reach various users and turn them into leads!
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